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11 Nov

Weekend Forex & Gold Technical Analysis on 11 November 2016

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Daily Technical Analysis on 11th November 2016

Today’s Technical Pairs: EURUSD, GBPUSD, USDJPY, & XAUUSD.
EURUSD
 
The volatility about Trump's economic policy eased on yesterday after fresh talks that the new administration will support higher economic growth and inflation. The pair remained under pressure on last day, holding onto fresh lows. The euro retained the neutral position, near-term undertone. Following a sharp fall on Wednesday the EURUSD found a support around 1.0900 levels. Values bounced from the level and changed minor part of their losses, moving to 1.0950 levels in the Asian session. Buyers lost to reclaim the level which limited their growth. The euro spent the 1st part of the day around 1.0950 levels. The pair declined and cracks the level of 1.0900 before US session. 
 
The moving averages are heading down in the 4HR chart. The 50-EMA is crossing the 100 EMA downsides in the 4HR chart. The resistance seen in 1.0900 levels, the support appears in 1.0850 levels. Indicator MACD stayed in the negative zone. RSI was holding close to the oversold levels, favoring a downwards. If a downtrend prevails the pair will extend its losses towards 1.0800 levels.
 
GBPUSD
 
The pound traded below in pressure among a new oil selling wave & a neutral market sentiment in European banks. The pair was neutral on last day. The pound rebound from 1.2400 levels and twisted a minor portion of Wednesday’s losses moving towards 1.2500 levels in the European session. Still, buyers lost to extend their growth prices turned around and comes back to the 1.2400 levels of support zone. 
 
The value tested the 200-EMAs in the 4HR chart. The 200-EMAs acted as a barrier on its path upwards. The pair is sandwiched between the 200-EMAs and 50 and 100 EMAs in the 4HR chart. All moving average remains neutral. The resistance comes in 1.2500 levels, the support finds in 1.2400 levels. MACD remained at the same level which confirms the buyer’s strength. The RSI indicator sustained consolidating within the overbought area.
 
USDJPY
 
The higher demand for risky assets weighed on the yen. The positive US labor market report & renewed speculation over the Fed rate hike promoted the dollar on Thursday. The pair traded around fresh highs on yesterday. Values rebounded from 105.00 levels and headed towards 106.00 levels breaking 105.50 on its path following a brief weakening in the Asian session. Sellers seemed to be guarding the 106.00 levels as the quotes bounced from the level on each attempt to the upside. Bulls handled to smash the level anyway. After cracking, the pair trended upside breaking 106.50 levels and testing 107.00 levels before the US session.
 
The pair hovered over the moving averages in the 4HR chart. The moving averages of 50, 100 and 200 are turning upside. The resistance finds in 107.00 levels, the support stays in 106.50 levels. The MACD histogram grew which hints the buyer’s strength. The RSI indicator is close to the overvalued region, favoring a fresh move down. After breaking the 106.50 levels the pair might widen its growth to 107.00 levels. If the level 107.00 holds it might reject values towards 105.50 levels.
 
XAUUSD
 
Renewed interest towards risky assets weighed on yellow metal prices on yesterday. The pair traded blended on last day. The metal prices handled to regain on annual trades and tested the mark level of 1290. Buyers lost to take out the levels but the values bounced downside, smashed the 1280 levels and headed lower before the US session opening.
 
The precious metal price cracks the 200 EMAs and 100 EMAs and blocked at the 50-EMAs in the 4HR chart. The resistance remains 1280 levels, the support stands in 1270 levels. Indicator MACD decreased which confirms the seller’s strength. RSI oscillator is moving downwards which confirms the sellers growing strength. We consider the bearish trend will stay intact. As the most probable picture, we believe additional moving downside towards the mark levels at 1270. Nearly below 1270 levels will push the losses towards 1260 levels.
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